GASB 45 & California Employers' Retiree Benefit Trust Fund

CalPERS is pleased to offer the California Employers’ Retiree Benefit Trust (CERBT) Fund – an investment vehicle that can be used by all California public employers to prefund future retiree health and Other Post Employment Benefit (OPEB) costs.


Find out more about this fund here.

Participating Agencies

Listing of agencies that have joined the CERBT. This listing will be updated periodically.

Benefits of Investing with CERBT

There may be many financial service firms offering you a prefunding plan, but none will offer the combination of investing expertise, proven experience, and value that can be provided by CalPERS.

CERBT Fund Fact Sheets

View recent investment performance of the CERBT as well as information about fees, strategy, asset allocation and risk.

CERBT Fund Workshops

Register for an upcoming workshop to learn about the features and benefits of CERBT.

Getting Started

Follow the step-by-step instructions and view the itemized list of all items you will need to process the Agreement.


Review the contractual agreement that agencies must adopt in order to participate in the Trust Fund.

List of OPEB Actuaries (PDF)

View a list of consulting actuarial firms that indicate they are capable of providing OPEB valuations, per the CERBT participation agreement, for California public agencies.

Summary of Actuarial Information Required for CalPERS Financial Statements (XLS)

View our summary of required actuarial information for CalPERS financial statements. After filling in the required information, save the spreadsheet on a disk or CD and send it to CalPERS along with the agreement and the valuation report.

The CalPERS OPEB Assumption Model

Make sure the OPEB Actuarial Valuation you provide us is based on our OPEB Assumption Model.

Financial Reporting Under GASB 43 & 45

In this section, you can find information that relates to accounting and reporting issues for CalPERS GASB 43 reporting and employer GASB 45 reporting. This is where we will post accounting policies and procedures, quick links to accounting forms and updates related to accounting or GASB issues.

Requesting a Data Extract

If your agency participates in PEMHCA, our database will contain information that your consulting actuary may need to prepare your OPEB valuation. Learn how to request an extract of the participant information.


Find all forms required to join the CERBT as well as those necessary for making contributions or requesting disbursements.

FAQs - California Employers' Retiree Benefit Trust Fund

Find questions and answers about the California Employers’ Retiree Benefit Trust Fund.

Dated: 05-13-2015